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| Monday, Feb 11 2008 2:41 PM
Last Updated: Monday, Feb 11 2008 2:34 PM
A former Crisp & Cole Real Estate employee who owes more than $4.2 million in outstanding mortgage payments and other unpaid bills filed bankruptcy last week, court records show.
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Zane Richards, a former office worker for the now-defunct real estate firm, filed Chapter 7 bankruptcy seeking forgiveness of a mound of debt, including unpaid property taxes, credit card bills and utilities charges.
Richards declined to comment on the filing, but one of his lawyers, Fresno-based Carl Faller, said his client’s situation was similar to that of several others who became involved with the Crisp & Cole agency, which is now the subject of a federal investigation.
“What’s happened to him was, basically, collateral damages from the business practices Crisp & Cole were engaged in,” Faller said.
Crisp & Cole’s former principal, David Crisp, 28, did not immediately return a voice mail seeking comment. Crisp’s ex-business partner, Carl Cole, 60, could not be reached.
Five homes Richards bought have been foreclosed on, the bankruptcy filing shows.
A sixth property at 322 Camwood Ave. will likely be surrendered, according to Richards’ bankruptcy attorney, Phillip Gillet Jr.
The number of real properties listed on Richards’ court filing is “sort of out of the ordinary” for bankruptcy cases, Gillet said.
At year’s end, associates of the former Crisp & Cole company had defaulted on more than 100 properties, according to an ongoing Californian tally of public records.
The California Department of Real Estate, an industry regulatory agency, accused Crisp, Cole and three employees of deceiving mortgage lenders in September.
Days later, agents from the FBI and IRS raided 13 properties, including offices and private homes, associated with the Crisp & Cole company.
No charges have been filed against Richards, but he has been contacted in regard to the investigation, Faller said.